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11/08/2017 08:15
Third Quarter 2017 achievements:
? Record quarterly gold production of 26,414 ounces, increase of 65% from Q2 2016;
? Gold equivalent production of approximately 35,292 ounces during Q3 2017;
? Revenue increased by $10.7 million to $36.7 million, up 41% compared to Q3 2016;
? EBITDA up by $2.3 million compared to Q3 2016;
? Cash balance of $18.5 million at June 30, 2017, up from $14.2 million at March 31, 2017;
? COC and AISC of $1,032 and $1,199, respectively, in Q3 2016;
? On track to meet fiscal 2017 cost and production guidance, including COC and AISC.
TORONTO, ONTARIO, August 10, 2017 – Orvana Minerals Corp. (TSX:ORV) (the “Company” or
“Orvana”) announced today financial and operational results for the third quarter of fiscal 2017 (“Q2 2017”).
The Company is also providing financial and operational results for its El Valle and Carlés Mines (collectively,
“El Valle”) operations in northern Spain and for its Don Mario Mine in Bolivia.
The unaudited condensed interim consolidated financial statements for Q2 2017 and Management’s
Discussion and Analysis related thereto are available on SEDAR and on the Company’s website at
Q3 2017 Highlights
The Company’s strategy to increase production at its operations targets productivity enhancements to allow
for delivery of greater throughput, increased gold recovery and reduced unitary costs. The Company is pleased
to report the following positive developments in the third quarter, as follows:
? El Valle – Further productivity improvements delivered higher gold and copper production:
o Production from higher gold grade oxide areas of El Valle in Q3 2017 increased to 42,243
tonnes in Q3 2017, or 44%, compared with Q2 2017. Production from the Carlés Mine
improved to 39,115 tonnes in Q3 2017, or 35%, compared with Q2 2017.
o As a result of the improvement in mining productivity and increase in mill throughput rates,
gold and copper production increased by 15% and 24%, respectively, compared to Q2 2017.
? Don Mario – CIL production surpassed targets:
o During the first full quarter of commercial production from the CIL circuit, gold production at
Don Mario increased to 12,709 ounces, up 48% compared with the second quarter of fiscal
2017. Gold recoveries averaged 89.3% over Q3 2017, exceeding the Company’s targeted
average gold recovery of 80%.
o Copper and silver production increased by 45% and 29%, respectively, compared to Q2 2017,
as a result of improved recoveries and mill throughput.
? Realized reductions in unitary costs and improved financial performance:
o Enabled by the productivity increases above, consolidated all-in sustaining costs fell to $1,199
per ounce, compared with $1,214 per ounce in the second quarter of fiscal 2017 and $1,311
per ounce in the third quarter of fiscal 2016.
o Revenue increased 16% to $36.7 million in the third quarter, compared with the second
quarter of fiscal 2017; EBITDA improved by $2.3 million over the same period of fiscal 2016.

o Consolidated cash balance increased from $14.2 million at March 31, 2017 to $18.5 million at
June 30, 2017.
“At El Valle, the recent increases to higher grade oxide production have demonstrated the improving flexibility
of the mine and allowed for sustained gold production through the quarter, despite lower than expected grades
from skarn production,” commented Jim Gilbert, Chairman and CEO. “We look forward to reporting our
continued progress on improving our oxide production at El Valle, targeting further decreases in unitary costs.
With Don Mario also registering higher recoveries and gold production this year, Orvana is on track to meet
the fiscal 2017 guidance laid out at the beginning of the year.”
Strategy and Outlook
The Company’s most important objectives through fiscal 2017 and beyond are to sustainably increase
productivity rates at both its operations and to extend the mine life of Don Mario Mine beyond fiscal 2018.
El Valle:
? At El Valle, the Company achieved its objective of a sustained mill throughput rate of 2,000 tpd over
Q3 2017, increasing its gold, copper and silver production by 15%, 24%, and 9%, respectively,
compared to Q2 2017. Next steps include the following:
o Ongoing development to increase access to higher grade oxide zones in El Valle Mine, with
the objective of increasing the proportion of oxide material relative to skarn material delivered
to the mill. This is expected to be supported by the gains realized to date in development and
backfill rates, allowing for access to a greater number of oxide stopes, as was partially realized
during Q3 2017.
o Improved mine flexibility and grade control through a significant reduction of the proportion of
inferred material in near-term mine planning.

Don Mario:
? The gold recovery results from Q3 2017 have poised Don Mario to realize on known opportunities for
mine life extension, and the Company is working through the following near-term projects:
o A mine plan for Cerro Felix was completed subsequent to Q3 2017, and pre-stripping activities
are expected to commence in Q1 fiscal 2018. Full production is expected to transition to Cerro
Felix subsequent to the planned depletion of the Lower Mineralized Zone in mid-fiscal 2018.
o Don Mario is also reviewing its options for processing of 2.2 million tonnes of oxide stockpiles
with an average estimated gold grade of 1.84 g/t. The Company has had a successful track
record of processing this material as part of a blended feed into the processing plant during
FY 2016 and FY 2017. Testing results received during FY 2017 have yielded positive
indications, and the Company expects to conclude larger scale tests in the coming months.
o In support of the near-term and long-term mine life extension projects underway at Don Mario,
a substantial tailings storage facility expansion project has commenced. The Company
expects that this project will allow for sufficient capacity to support up to an additional three
years of operations beyond Q2 fiscal 2018. The construction will be financed primarily by a
portion of the recently closed $11.3 million in new debt facilities from Banco BISA S.A.
While maintaining its focus on optimizing current operations, the Company will also evaluate strategic alternatives that could accelerate the growth of the Company.

FY 2017 Production and Cost Guidance
YTD 2017 Actual FY 2017 Guidance
El Valle Production
Gold (oz) 36,345 50,000 – 55,000
Copper (million lbs) 4.2 6.0 – 6.5
Silver (oz) 136,083 170,000 – 200,000
Don Mario Production
Gold (oz) 26,281 35,000 – 40,000
Copper (million lbs) 6.1 7.0 – 7.5
Silver (oz) 114,260 130,000 – 150,000
Total Production
Gold (oz) 62,626 85,000 – 95,000
Copper (million lbs) 10.3 13.0 – 14.0
Silver (oz) 250,343 300,000 – 350,000
Total capital expenditures $15,514 $27,000 – $30,000
Cash operating costs (by-product) ($/oz) gold (1) $1,071 $1,050 – $1,150
All-in sustaining costs (by-product) ($/oz) gold (1) $1,330 $1,300 – $1,400
(1) FY2017 guidance assumptions for COC and AISC include by-product commodity prices of $2.00 per pound of copper and
$18.00 per ounce of silver and an average Euro to US Dollar exchange of 1.12.

Selected Operational and Financial Information
Q3 2017 Q2 2017 Q3 2016 YTD 2017 YTD 2016
Operating Performance
Production (oz) 26,414 20,513 16,038 62,626 50,943
Sales (oz) 24,287 20,773 16,496 58,997 47,111
Average realized price / oz $1,262 $1,238 $1,258 $1,253 $1,202
Production (‘000 lbs) 3,837 2,867 3,833 10,292 11,104
Sales (‘000 lbs) 4,244 3,032 3,879 10,836 10,071
Average realized price / lb $2.45 $2.50 $2.13 $2.42 $2.15
Production (oz) 75,578 66,485 112,507 250,343 403,345
Sales (oz) 77,173 87,441 111,949 290,240 373,327
Average realized price / oz $17.25 $17.42 $16.91 $17.30 $15.40
Financial Performance (in 000’s, except per share amounts)
Revenue $36,671 $31,714 $26,030 $91,843 $69,806
Mining costs $31,180 $26,272 $21,809 $81,808 $61,660
Gross margin ($1,909) $8 $406 ($8,754) ($4,284)
Net loss ($3,446) ($2,233) ($1,181) ($13,833) ($6,927)
Net loss per share (basic/diluted) ($0.03) ($0.02) ($0.01) ($0.10) ($0.05)
EBITDA (1) $4,782 $4,774 $2,509 $6,222 $3,457
Operating cash flows $7,769 $928 $2,176 $8,396 $3,216
Ending cash and cash equivalents $18,504 $14,210 $12,021 $18,504 $12,021
Capital expenditures (2) $3,294 $4,501 $3,122 $15,512 $9,583
Cash operating costs (by-product) ($/oz) gold (1) $1,032 $993 $1,035 $1,071 $1,045
All-in sustaining costs (by-product) ($/oz) gold (1)(2) $1,199 $1,214 $1,311 $1,330 $1,344
(1) Earnings before interest, taxes, depreciation and amortization (“EBITDA”), cash operating costs (“COC”) and all-in sustaining
costs (“AISC”) are non-IFRS performance measures.
(2) Each reported period excludes capital expenditures incurred in the period which will be paid in subsequent periods and includes
capital expenditures incurred in prior periods and paid for in the applicable reporting period. The calculation of AISC includes capex incurred (paid and unpaid) during the period.

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